New GM CFO Ammann brings investing skills to the job

Roy Harris |
March 11, 2011

In stepping in as finance chief at General Motors, an automaker reborn in a post-bankruptcy IPO in July 2009, 38-year-old Treasurer Daniel Ammann brings years of experience in investment banking at Morgan Stanley, and before that at Credit Suisse. Unlike fellow New Zealander Chris Liddell, who is stepping down as CFO after just over a year on the job, he lacks experience in the role of corporate finance chief.

GM fell 83 cents, or 2.6%, to $31.42 at 4:01 p.m. in New York Stock Exchange composite trading. The shares have dropped 4.8% from their initial public offering price in November.

Liddell's Strategy Differences

In addition to being unhappy about being passed over for the CEO last August, Bloomberg reported, Liddell also had differed with members of the management team over some strategies, including GM's move into consumer auto lending, the person said.

He opposed acquiring subprime lender AmeriCredit Inc., which GM agreed to buy in July, the person said. Liddell had told analysts that he didn't want the risk of financial assets on an industrial company's balance sheet.